Technology And Real Estate

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Is This A Buyer's Market?

There is a line of thought in Real Estate that if a house takes six months to sell, that's normal. We keep track of this number by keeping up with the days on the market (DOM) of homes listed and sold.

Following that line of thought, If the number rises above six months inventory on hand, then the market is swinging into a buyer's market. If it falls below, it is becoming a seller's market.

In a buyer's market, homes take longer to sell and prices fall.

Seasonal adjustments do sometimes occur. For instance spring and fall tend to be busier and summer and winter tend to be slower.

The one certainty that can always be counted upon is that one side of the market will never stay on top forever. In fact, it can turn on a dime.

When I interview the Realtors in the area with more than 25 years experience, what they tell me is that the market today is normal. We haven't seen a normal market in more than 10 years. Neither buyer or seller has a distinct advantage. Prices begin to normalize and some may even come down.

If you are looking to buy a house in the greater Burlington area, you will find that there are more houses on the market to choose from than six months ago and you will most likely be able to negotiate with the owners. You won't have to make an offer the day you see the house you like, you will have some time to think it over and compare it to more homes in the area.

Good luck hunting.....